Increasing detached home construction held back by multi-unit drawbacks
Recent figures released by the Australian Bureau of Statistics have highlighted the building trends in the Northern Territory, which could be of interest to anyone considering the construction of property in Winnellie in the near future.
Over the 2013/14 year, dwelling commencements dropped by 16.7 per cent, from 2,358 down to 1,964. However, detached homes saw an increase in sales, rising by 9.4 per cent. This loss was caused by falling mutli-unit dwelling activity across the state.
Housing Industry Association executive director for the Northern Territory Robert Harding said this declining activity was pushing down the overarching figures of the state, which has been trending lower since 2013 – even with total starts in the June 2014 quarter jumping up by 18.3 per cent.
"While this segment of the market did expand to 302 starts during the latest quarter, this is still a substantial, 37.6 per cent lower than the cyclical high reached in the March 2013 quarter," said Mr Harding.
Now could be a great time to consider investing in multi-unit properties in the Northern Territory to help boost this figure. With the anticipated population boom beginning to occur across the nation, property opportunities in the state could be worth taking advantage of.